This week on #GathingsBizTalk, Gathings Law Co-Founder and Senior Partner, Lloyd Gathings, is talking about what you need to know about arbitration.
First and foremost, arbitration is when an unbiased third party is brought into a business disagreement to make a decision for the two parties as a form of alternative dispute resolution. It’s very common for commercial contracts, investment contracts, and stock brokerage contracts to contain an arbitration clause.
Arbitration clauses are enforced by the courts and are seldomly held invalid. Once an arbitration clause is upheld, all future proceedings are before one or more arbitrators. All proceedings from then onward are controlled by the agreed upon arbitration association and their rules.
There are many associations with their own rules for arbitration. A few of the most common are:
- American Arbitration Association
- Financial Industry Regulatory Authority
- International Chamber of Commerce
- World Intellectual Property Organization
- National Arbitration and Mediation
Now just because you have to play by the arbitration association’s rules, that doesn’t mean that you don’t have a chance to fight for your best interests during the arbitration proceedings. You just need a lawyer who knows how. If you have a legal dispute that will go to arbitration, give Gathings Law a call. We know how to guide you through the twists and turns of arbitration and we’ll be there for you every step of the way.
As a reminder, on our #GathingsBizTalk weekly series, Gathings Law discusses different legal points of interest in business every week on our social media. Follow us on social media and tell us what you’d like to hear about next; we’d love to hear from you. Click here to follow #GathingsBizTalk on LinkedIn. To follow our other weekly series, #GathingsLawTalk, which discusses personal injury and domestic relations, follow @GathingsLaw on Facebook, Twitter, and Instagram.